clarity, page-2

Ebit
Tony is not saying that average input feed grade of 28% may really eventually be 40% FEED grade.

What tony was saying is that the PFS assumes an average input feed grade of 28% iron which will, after processing produce 40 % IRON PRE concentrate .. and that can then be sent to Asia for additional processing to 67% iron content.

Tony is hoping to add the Isthmus material and other higher grade ore fron Hardstaff not yet in PFS figures to inc. the head input grades from 28% to something higher ( maybe 33-35 guess) and ultimately get more iron from the material dug up .... which will reduce the overall tonnage cost.

The DFS will tell us the outcome.